BEIJING, Nov. 10, 2011 /PRNewswire-Asia/ -- Xinyuan Real
Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), a
residential real estate developer with a focus on high growth,
strategic Tier II cities in China,
today announced its unaudited financial results for the third
quarter of 2011.
Highlights for the Third Quarter
2011
- Total third quarter revenues were US$213.3 million, a 98.2% increase from
US$107.6 million reported in the
third quarter of 2010, and 16.7% increase from US$182.7 million recorded in the second quarter
of 2011.
- Contract sales totaled US$257.1
million, a 70.3% increase from US$151.0 million recorded in the third quarter of
2010, and 14.1% increase from the US$225.3
million recorded in the second quarter of 2011.
- Total gross floor area ("GFA") sales were 188,700 square
meters, a 37.2% increase from 137,500 square meters sold in the
third quarter of 2010 and 2.9% increase from 183,400 square meters
sold in the second quarter of 2011.
- Selling, General, and Administrative ("SG&A") expenses as a
percent of total revenue was 6.7% compared to 6.9% in the third
quarter of 2010 and 5.6% in the second quarter of 2011.
- Net income was US$31.2 million, a
290.0% increase from US$8.0 million
reported in the third quarter of 2010 and a 1.9% decrease from
US$31.8 million in the second quarter
of 2011.
- Diluted net earnings per share attributable to ordinary
shareholders were US$0.21, equivalent
to US$0.42 per American Depositary
Share ("ADS"), compared to diluted net earnings per share of
US$0.05, equivalent to US$0.10 per ADS, in the third quarter of 2010 and
US$0.20, equivalent to US$0.40 per ADS, in the second quarter of
2011.
- Cash and cash equivalents, including restricted cash, increased
by US$118.2 million to US$525.1 million as of September 30, 2011 from US$406.9 million as of June 30, 2011. Short and long term debt decreased
by US$14.5 million to US$303.5 million compared to US$318.0 million as of as of June 30, 2011.
- Zhengzhou Royal Palace, a 134,000 square meter development
project, was launched in September
2011.
- On May 26, 2011, the Company
announced a share repurchase program of up to US$10 million. As of September 30, 2011, Xinyuan has repurchased
2,391,500 ADS's at a total cost of US$5.4
million.
Mr. Yong Zhang, Xinyuan's
Chairman and Chief Executive Officer said, "We are pleased with
another quarter of solid financial results as contract sales and
revenue growth increased significantly on a sequential basis as
well as over the prior year third quarter period. Average selling
prices increased over 10% in the third quarter from the 2011 second
quarter and up over 18% compared to the 2010 third quarter.
As planned, we successfully launched one new project in the
third quarter, Zhengzhou Royal Palace, which contributed
approximately 10% of our total contract sales. Eleven development
projects were active in the third quarter with total sellable GFA
of approximately 1.2 million square meters. At quarter end we had
one project in the planning stage, Zhengzhou Century East A, which
is expected to commence pre-sales in the first quarter of 2012. We
remain committed to maximizing shareholder value and we have
continued to repurchase ADS's on the open market. 1.8 million ADS's
were repurchased in the third quarter at a cost of US$4.2 million.
Xinyuan has made meaningful progress in a tough market
environment with our effective sales and marketing strategies
including increased sales agent commissions and selective
implementation of seller-financed contracts with non-local-resident
buyers. We expect that our diversified project pipeline and our
strong balance sheet can provide continued revenue and profit
growth and will enable us to acquire additional land parcels in the
months ahead. "
Financial Results for the Third
Quarter 2011
Contract Sales
Contract sales totaled US$257.1
million in the third quarter compared to US$151.0 million in the third quarter of 2010 and
US$225.3 million in the second
quarter of 2011. The Company's GFA sales were 188,700 square meters
in the third quarter of 2011 versus 137,500 square meters in the
third quarter of 2010 and 183,400 square meters in the second
quarter of 2011. The average selling price per square meter sold
was RMB8,857 (US$1,362) in the third quarter of 2011 versus
RMB7,480 (US$1,099) in the third quarter of 2010 and
RMB8,034 (US$1,228) in the second quarter of 2011. The
increased average selling prices was mainly driven by the launch of
Zhengzhou Royal Palace, a premium property in an attractive
location near downtown Zhengzhou.
Breakdown of GFA Sales and ASP's by
Project
|
|
|
Q3
2010
|
Q2
2011
|
Q3
2011
|
Unsold
|
|
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
ASP
|
GFA
|
|
Project
|
(m2
000)
|
(Rmb)
|
(m2
000)
|
(Rmb)
|
(m2
000)
|
(Rmb)
|
(m2
000)
|
|
Chengdu Splendid
I
|
8.6
|
4,788
|
8.9
|
5,474
|
7.6
|
5,674
|
24.9
|
|
Chengdu Splendid
II
|
15.9
|
6,184
|
14.2
|
6,988
|
21.0
|
6,916
|
68.2
|
|
Zhengzhou Colorful
Garden
|
11.1
|
7,929
|
1.6
|
14,739
|
1.0
|
13,798
|
3.9
|
|
Zhengzhou Modern City
|
58.0
|
7,216
|
13.6
|
8,738
|
17.4
|
8,808
|
78.4
|
|
Zhengzhou Royal
Palace
|
-
|
-
|
-
|
-
|
12.1
|
14,388
|
122.2
|
|
Zhengzhou Century East
B
|
-
|
-
|
10.0
|
8,664
|
25.7
|
8,705
|
130.8
|
|
Kunshan Intl City
Garden
|
8.4
|
9,297
|
8.5
|
10,137
|
14.0
|
9,786
|
123.0
|
|
Suzhou Intl City
Garden
|
9.9
|
12,298
|
3.4
|
13,255
|
20.6
|
10,969
|
79.3
|
|
Xuzhou Colorful
Garden
|
24.5
|
6,811
|
17.4
|
7,751
|
7.6
|
8,785
|
2.1
|
|
Jinan Xinyuan
Splendid
|
-
|
-
|
55.7
|
8,661
|
22.9
|
9,482
|
454.5
|
|
Zhengzhou Yipinxiangshan
II
|
-
|
-
|
49.9
|
6,837
|
38.8
|
6,928
|
106.1
|
|
Others
|
1.1
|
14,182
|
0.2
|
17,294
|
-
|
-
|
4.9
|
|
Total
|
137.5
|
7,480
|
183.4
|
8,034
|
188.7
|
8,857
|
1,198.3
|
|
|
|
|
|
|
|
|
|
|
|
Revenue under the Percentage of Completion Method
In the third quarter of 2011, the Company's total revenue using
the percentage of completion method was US$213.3 million compared to US$107.6 million in the third quarter of 2010 and
US$182.7 million in the second
quarter of 2011. Versus the previous quarter, this quarter's
increase in revenue under the percentage of completion method is
mainly due to the increase in contract sales.
Gross Profit
Gross profit for the third quarter of 2011 was US$63.8 million, or 29.9% of revenue, compared to
gross profit of US$29.3 million, or
27.2% of revenue, in the third quarter of 2010 and a gross profit
of US$54.5 million, or 29.8% of
revenue, in the second quarter of 2011. The gross margin increase
from 27.2% in the third quarter of 2010 to 29.9% in the third
quarter of 2011 was primarily due to ASP increases and the launch
of higher margin new projects.
The Company revised total project cost and sales projections for
certain projects such that US$3.7
million of cumulative gross profit was recognized in the
third quarter of 2011 under the percentage of completion method due
to changes in estimates.
Selling, General, and Administrative Expenses
SG&A expenses were US$14.2
million for the third quarter of 2011 compared to
US$7.5 million for the third quarter
of 2010 and US$10.2 million for the
second quarter of 2011. As a percentage of total revenue, SG&A
expenses were 6.7% compared to 6.9% in the third quarter of 2010
and 5.6% in the second quarter of 2011. The increase in SG&A
expenses was mainly due to increased sales agent commissions (an
increase of US$2.4 million from Q2
2011), promotional spending on new projects (an increase of
US$382,000 from Q2 2011), and
retention bonuses of US$979,000.
Share-based Compensation
Share-based compensation was US$0.5
million for the third quarter of 2011 compared to
US$0.7 million for the third quarter
of 2010 and US$0.5 million for the
second quarter of 2011.
Net Income
Net income for the third quarter of 2011 was US$31.2 million compared to US$8.0 million for the same period in 2010 and
US$31.8 million in the second quarter
of 2011. Net margin was 14.6%, compared to 7.4% in the third
quarter of 2010 and to 17.4% in the second quarter of 2011. Diluted
earnings per share for the third quarter of 2011 were US$0.21, equivalent to US$0.42 per ADS, compared to a profit of
US$0.05 per diluted share, equivalent
to US$0.10 per ADS, for the same
period in 2010, and US$0.20 per
diluted share, equivalent to US$0.40
per ADS in the second quarter of 2011.
Balance Sheet
As of September 30, 2011, the
Company reported US$525.1 million in
cash and cash equivalents (including restricted cash) compared to
US$406.9 million as of June 30, 2011. Total debt outstanding was
US$303.5 million, a decrease of
US$14.5 million compared to
US$318.0 million at the end of the
second quarter of 2011. The value of the Company's real estate
property under development at the end of the third quarter was
US$622.3 million compared to
US$695.1 million at the end of the
second quarter of 2011.
Project Status
Below is a summary table of projects that were active in the
third quarter of 2011.
|
|
|
GFA
|
Contract
Sales
|
Project
Cost %
Complete
|
|
(m2
000)
|
(US$
million)
|
|
Project
|
Total
Project
|
Sold to
date
|
Total
Project
|
Sales to
date
|
%
|
|
|
Sold
|
|
Chengdu Splendid I
|
231.0
|
206.1
|
187.4
|
160.6
|
85.7%
|
93.8%
|
|
Chengdu Splendid
II
|
219.5
|
151.3
|
224.4
|
155.5
|
69.3%
|
80.4%
|
|
Zhengzhou Colorful
Garden
|
191.9
|
188.0
|
198.4
|
192.3
|
96.9%
|
99.7%
|
|
Zhengzhou Modern City
|
255.4
|
177.0
|
329.4
|
208.5
|
63.3%
|
61.9%
|
|
Zhengzhou Royal
Palace
|
134.3
|
12.1
|
218.9
|
26.8
|
12.2%
|
62.6%
|
|
Zhengzhou Century East
B
|
166.5
|
35.7
|
230.3
|
47.7
|
20.7%
|
63.1%
|
|
Kunshan Intl City
Garden
|
497.0
|
374.0
|
561.9
|
411.9
|
73.3%
|
86.8%
|
|
Suzhou Intl City
Garden
|
205.6
|
126.3
|
316.7
|
190.6
|
60.2%
|
97.0%
|
|
Xuzhou Colorful
Garden
|
102.1
|
100.0
|
115.7
|
113.3
|
97.9%
|
74.1%
|
|
Jinan Xinyuan Splendid
|
533.1
|
78.6
|
757.7
|
107.6
|
14.2%
|
49.8%
|
|
Zhengzhou Yipinxiangshan
II
|
198.5
|
92.4
|
201.7
|
98.5
|
48.8%
|
64.8%
|
|
Others remaining GFA
|
4.9
|
|
|
|
|
|
|
Total active
projects
|
2,739.8
|
1,541.5
|
3,342.5
|
1,713.3
|
51.3%
|
74.0%
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2011, the
Company's total sellable GFA was approximately 1,276,100 square
meters for active projects and pre-revenue stage projects. Below is
a summary of all projects at Xinyuan that are in the planning
stage:
|
Unsold
GFA
(m2
000)
|
First
Pre sales
Scheduled
|
|
|
|
|
|
Zhengzhou Century East
A (planning)
|
77.8
|
Q1
2012
|
|
Total active
projects
|
1,198.3
|
|
|
Total all Xinyuan
projects
|
1,276.1
|
|
|
|
|
|
Fourth Quarter and 2011 Outlook
We expect contract sales in the fourth quarter of 2011 to reach
US$180 to US$200 million. Revenue
under the percentage of completion method is expected to range
between US$180 and US$200 million
while net income in the fourth quarter should be in the range of
US$26 to US$30 million. Resultant
full year 2011 projections are US$760 to
US$780 million for contract sales, US$670 to US$690 million for revenue and
US$100 to US$104 million for net
income.
Percentage of Completion Accounting
Xinyuan's projects recognize revenue under the percentage of
completion method. This requires the Company to re-evaluate its
estimates of future revenues and costs on a quarterly basis project
by project.
Cumulative
revenue= Cumulative contract sales
proceeds x Cumulative incurred cost
|
|
Total estimated project
cost
|
|
|
|
Cumulative
cost of sales= Cumulative contract sales x
Cumulative incurred cost
|
|
Total
estimated project revenue
|
|
|
Whenever Xinyuan makes changes to expected total project life
profit margins, a "catch-up" adjustment must be made in the quarter
of change to account for the difference between profits previously
recognized using the previous profit margin estimate and the
comparable profit using the new profit margin estimates. Further,
if the updated profit margin indicates that the Company will have
to sell units at a price less than its costs to develop them, it
must recognize the full expected gross loss over the life of the
project at that time regardless of whether the units have been
sold. Additionally for such unprofitable projects the Company must
also determine whether an impairment exists, and, if so, write down
the cost to the fair value of the project which, in turn, may be
less than the basis after recognizing the effect of future
losses.
Conference Call Information
Xinyuan's management will host an earnings conference call on
November 10th, 2011 at 8:00 a.m. U.S. Eastern Time. Listeners may access
the call by dialing 1-719-325-4746. A webcast will also be
available through the Company's investor relations website at
http://www.xyre.com. Listeners may access the replay by dialing
1-858-384-5517, access code: 6823429.
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") (NYSE: XIN) is a
developer of large scale, high quality residential real estate
projects aimed at providing middle-income consumers with a
comfortable and convenient community lifestyle. Xinyuan focuses on
China's Tier II cities,
characterized as larger, more developed urban areas with above
average GDP and population growth rates. Xinyuan has expanded its
network to cover a total population of over 44.7 million people in
seven strategically selected Tier II cities, comprising
Hefei, Jinan, Kunshan, Suzhou, Zhengzhou, Xuzhou and Chengdu. Xinyuan is the first real estate
developer from China to be listed
on the New York Stock Exchange. For more information, please visit
http://www.xyre.com.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the ''safe harbor'' provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements.
Statements that are not historical facts, including statements
concerning our beliefs, forecasts, estimates and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including,
but not limited to, the risk that: our financing costs are subject
to changes in interest rates; our results of operations may
fluctuate from period to period; the recognition of our real estate
revenue and costs relies on our estimation of total project sales
value and costs; we may be unable to acquire desired development
sales at commercially reasonable costs; increases in the price of
raw materials may increase our cost of sales and reduce our
earnings; we are heavily dependent on the performance of the
residential property market in China, which is at a relatively early
development stage; PRC economic, political and social conditions as
well as government policies can affect our business; the market
price of our ADSs may be volatile, and other risks outlined in our
public filings with the Securities and Exchange Commission,
including our annual report on Form 20-F for the year ended
December 31, 2010. All information
provided in this press release is as of November 10, 2011. Except as required by law, we
undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
Notes to Unaudited Financial Information
This release contains unaudited financial information which is
subject to year end audit adjustments. Adjustments to the financial
statements may be identified when the audit work is completed,
which could result in significant differences between our audited
financial statements and this unaudited financial information.
For more information, please
contact:
|
|
|
|
In China:
|
|
Mr. Tom Gurnee
|
|
Chief Financial
Officer
|
|
Tel: +86 (10)
8588-9390
|
|
Email: tom.gurnee@xyre.com
|
|
|
|
Ms. Helen Zhang
|
|
Director of Investor
Relations
|
|
Tel: +86 (10)
8588-9255
|
|
Email: yuan.z@xyre.com
|
|
|
|
ICR, LLC
|
|
In U.S.:
+1-646-308-1472
|
|
In China: +86
(10)
6583-7511
|
|
Email: William.zima@icrinc.com
|
|
|
(Financial Tables on Following Pages)
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(All US$
amounts and number of shares data in thousands, except per share
data)
|
|
|
Three months
ended
|
|
|
September
30,
|
|
June 30,
|
|
September
30,
|
|
|
|
2011
|
|
2011
|
|
2010
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
213,272
|
|
182,682
|
|
107,583
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
(149,464)
|
|
(128,195)
|
|
(78,317)
|
|
|
Gross profit
|
63,808
|
|
54,487
|
|
29,266
|
|
|
|
|
|
|
|
|
|
|
Selling and distribution
expenses
|
(6,773)
|
|
(3,904)
|
|
(2,471)
|
|
|
General and administrative
expenses
|
(7,453)
|
|
(6,271)
|
|
(4,986)
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
49,582
|
|
44,312
|
|
21,809
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
1,230
|
|
878
|
|
377
|
|
|
Share of income in an equity
investee
|
-
|
|
-
|
|
667
|
|
|
Exchange gains
|
-
|
|
23
|
|
152
|
|
|
Income from operations before
income taxes
|
50,812
|
|
45,213
|
|
23,005
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
(19,591)
|
|
(13,399)
|
|
(15,007)
|
|
|
|
|
|
|
|
|
|
|
Net income
|
31,221
|
|
31,814
|
|
7,998
|
|
|
Less: net
income/ (loss) attributable
to non-controlling interest
|
(59)
|
|
639
|
|
-
|
|
|
Net income attributable to
shareholders
|
31,280
|
|
31,175
|
|
7,998
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
Basic
|
0.21
|
|
0.20
|
|
0.05
|
|
|
Diluted
|
0.21
|
|
0.20
|
|
0.05
|
|
|
Shares used in
computation:
|
|
|
|
|
|
|
|
Basic
|
151,015
|
|
153,162
|
|
153,173
|
|
|
Diluted
|
151,015
|
|
153,162
|
|
153,248
|
|
|
|
|
|
|
|
|
|
|
|
|
XINYUAN REAL
ESTATE CO., LTD. AND SUBSIDIARIES
|
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(All US$
amounts and number of shares data in thousands, except per share
data)
|
|
|
Nine months
ended
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
2011
|
|
2010
|
|
|
(unaudited)
|
|
(unaudited)
|
|
Revenue
|
487,738
|
|
312,781
|
|
|
|
|
|
|
Cost of revenue
|
(344,370)
|
|
(238,647)
|
|
Gross profit
|
143,368
|
|
74,134
|
|
|
|
|
|
|
Selling expenses
|
(12,564)
|
|
(7,396)
|
|
General and administrative
expenses
|
(19,225)
|
|
(16,391)
|
|
|
|
|
|
|
Operating income
|
111,579
|
|
50,347
|
|
|
|
|
|
|
Interest income
|
2,712
|
|
1,581
|
|
Share of income in an equity
investee
|
-
|
|
1,306
|
|
Exchange gains
|
56
|
|
201
|
|
Change in fair value of warrant
liabilities
|
-
|
|
842
|
|
Income from operations before
income taxes
|
114,347
|
|
54,277
|
|
|
|
|
|
|
Income taxes
|
(39,651)
|
|
(24,761)
|
|
|
|
|
|
|
Net income
|
74,696
|
|
29,516
|
|
Less: net income attributable to
non-controlling interest
|
593
|
|
-
|
|
|
|
|
|
|
Net income attributable to
shareholders
|
74,103
|
|
29,516
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
Basic
|
0.49
|
|
0.19
|
|
Diluted
|
0.49
|
|
0.19
|
|
Shares used in
computation:
|
|
|
|
|
Basic
|
152,439
|
|
152,372
|
|
Diluted
|
152,439
|
|
156,114
|
|
|
|
|
|
|
|
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(All US$
amounts and number of shares data in thousands)
|
|
|
|
|
September
30,
|
|
June
30,
|
|
December
31,
|
|
|
|
|
2011
|
|
2011
|
|
2010
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
364,247
|
|
270,262
|
|
213,326
|
|
Restricted cash
|
|
|
160,806
|
|
136,594
|
|
82,305
|
|
Accounts receivable
|
|
|
22,434
|
|
4,912
|
|
3,511
|
|
Other receivables
|
|
|
10,123
|
|
8,666
|
|
6,462
|
|
Other deposits and
prepayments
|
|
|
71,091
|
|
63,669
|
|
34,790
|
|
Advances to suppliers
|
|
|
15,812
|
|
16,910
|
|
21,933
|
|
Real estate property development
completed
|
|
|
6,030
|
|
6,809
|
|
1,470
|
|
Real estate property under
development
|
|
|
622,345
|
|
695,074
|
|
710,585
|
|
Other current assets
|
|
|
429
|
|
542
|
|
663
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
1,273,317
|
|
1,203,438
|
|
1,075,045
|
|
|
|
|
|
|
|
|
|
|
Real estate properties held for
lease, net
|
|
|
19,213
|
|
20,129
|
|
19,876
|
|
Property and equipment,
net
|
|
|
2,664
|
|
2,254
|
|
2,687
|
|
Other long-term
investment
|
|
|
247
|
|
242
|
|
242
|
|
Deferred tax asset
|
|
|
692
|
|
1,186
|
|
1,925
|
|
Other assets
|
|
|
3,181
|
|
3,528
|
|
4,190
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
1,299,314
|
|
1,230,777
|
|
1,103,965
|
|
|
|
|
|
|
|
|
|
XINYUAN REAL
ESTATE CO., LTD. AND ITS SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(All US$
amounts and number of shares data in thousands)
|
|
|
|
|
|
September
30,
|
|
June
30,
|
|
December
31,
|
|
|
|
|
|
2011
|
|
2011
|
|
2010
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(audited)
|
|
LIABILITIES AND
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
175,929
|
|
170,707
|
|
150,670
|
|
Short-term bank loans
|
|
|
|
179,362
|
|
181,729
|
|
186,631
|
|
Customer deposits
|
|
|
|
65,023
|
|
44,948
|
|
22,789
|
|
Income tax payable
|
|
|
|
38,056
|
|
36,815
|
|
40,895
|
|
Deferred tax
liabilities
|
|
|
|
47,592
|
|
34,795
|
|
18,731
|
|
Other payables and accrued
liabilities
|
|
|
|
47,884
|
|
43,638
|
|
39,162
|
|
Payroll and welfare
payable
|
|
|
|
3,061
|
|
2,313
|
|
4,539
|
|
Current portion of long-term
debt
|
|
|
|
296
|
|
296
|
|
331
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
|
557,203
|
|
515,241
|
|
463,748
|
|
|
|
|
|
|
|
|
|
|
|
Non- current
liabilities
|
|
|
|
|
|
|
|
|
|
Long-term bank loans
|
|
|
|
82,831
|
|
96,789
|
|
70,213
|
|
Unrecognized tax
benefits
|
|
|
|
13,707
|
|
13,460
|
|
13,151
|
|
Other long-term debt
|
|
|
|
41,046
|
|
39,194
|
|
38,688
|
|
TOTAL LIABILITIES
|
|
|
|
694,787
|
|
664,684
|
|
585,800
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
Common shares
|
|
|
|
15
|
|
15
|
|
15
|
|
Treasury shares
|
|
|
|
(5,417)
|
|
(1,260)
|
|
-
|
|
Additional paid-in
capital
|
|
|
|
509,487
|
|
509,007
|
|
507,973
|
|
Retained earnings
(accumulated
deficit)
|
|
|
|
71,893
|
|
29,737
|
|
(17,749)
|
|
Statutory reserves
|
|
|
|
27,559
|
|
27,559
|
|
27,559
|
|
TOTAL
SHAREHOLDERS' EQUITY
|
|
|
|
603,537
|
|
565,058
|
|
517,798
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
interest
|
|
|
|
990
|
|
1,035
|
|
367
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY
|
|
|
|
604,527
|
|
566,093
|
|
518,165
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
1,299,314
|
|
1,230,777
|
|
1,103,965
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Xinyuan Real Estate Co., Ltd.